Jiangsu Wuxi Commercial Mansion Group Co., Ltd. agreed to acquire 51% stake in Wuxi Commercial Mansion Group Dongfang Automobile Co., Ltd. and 51% stake in Wuxi New Era Automobile Trading Group Co., Ltd. from Wuxi Commercial Mansion Grand Orient Co., Ltd. for CNY 1 billion.
June 01, 2021
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Jiangsu Wuxi Commercial Mansion Group Co., Ltd. agreed to acquire 51% stake in Wuxi Commercial Mansion Group Dongfang Automobile Co., Ltd. and 51% stake in Wuxi New Era Automobile Trading Group Co., Ltd. from Wuxi Commercial Mansion Grand Orient Co., Ltd. (SHSE:600327) for CNY 1 billion on June 1, 2021. As on December 31, 2020, Wuxi Commercial Mansion Group Dongfang Automobile Co., Ltd reported total assets of CNY 2.6 billion, owner’s equity of CNY 1.2 billion, operating income of CNY 6.2 billion, net profit of CNY 256 million and Wuxi New Era Automobile Trading Group Co., Ltd. reported total assets of CNY 292 million, owner’s equity of CNY 151 million, operating income of CNY 876 million, net profit of -CNY 2.6 million.
Transaction needs to be approved by the shareholder of Wuxi Commercial Mansion Grand Orient Co., Ltd. Transaction is approved by the Board of Wuxi Commercial Mansion Grand Orient Co., Ltd. As of July 21, 2021, the transaction is approved by the shareholders of Wuxi Commercial Mansion Grand Orient Co., Ltd. He Chunmei, Li Gang, Li Juntian and Lu Fangting of Sealand Securities Co., Ltd. (SZSE:000750) acted as financial advisor, Zhang Liguo, Zhang Ying and Xu Le of Grandway Law Offices acted as legal advisor and Zhang Caibin, Xia Zhengshu, Wu Yong and Zhang Junwen of Jiangsu Gongzheng Tianye Certified Public Accountants Co., Ltd. and Ma Lihua, Xu Kai and Yan Jijun of Shanghai Shenwei Assets Evaluation Co., Ltd. acted as accountant to Wuxi Commercial Mansion Grand Orient Co., Ltd.
Wuxi Commercial Mansion Grand Orient Co Ltd is a China-based company engaged in department store retail, catering and food, and medical and health businesses. The department store retail business is engaged in the sales and service of mid-to-high-end boutique department stores with the brand of Grand Orient Department Store. Its business model includes joint operation and self-operation. The catering and food business conducts its business under the brand of Sanfengqiao, and includes the production and sales of cooked meat and vegetarian food and gift foods, and catering operations of Sanfeng Restaurant and Sanfengqiao Ketangjian. The medical and health business is mainly engaged in hospital operation and the provision of medical services. The Company operates its businesses in the domestic market.
Jiangsu Wuxi Commercial Mansion Group Co., Ltd. agreed to acquire 51% stake in Wuxi Commercial Mansion Group Dongfang Automobile Co., Ltd. and 51% stake in Wuxi New Era Automobile Trading Group Co., Ltd. from Wuxi Commercial Mansion Grand Orient Co., Ltd. for CNY 1 billion.
WUXI COMMERCIAL MANSION GRAND ORIENT CO., LTD. 